Wolters Kluwer 2012 Half-Year Results
(Thomson Reuters ONE) -
Alphen aan den Rijn (July 25, 2012) - Wolters Kluwer, a global leader in
professional information services, today released its 2012 half-year results.
Highlights
* Full-year 2012 guidance confirmed.
* Revenues up 3% in constant currencies and up 1% organically.
* Deterioration in Europe offset by improved organic growth in North
America.
* Recurring revenues up 2% organically (76% of total revenues).
* Online, software and services revenues up 4% organically (75% of total
revenues).
* Health and Financial & Compliance Services grew organically 5% and 6%,
respectively.
* Ordinary EBITA ?346 million; Ordinary EBITA margin of 19.9%.
* Leverage ratio net-debt-to-EBITDA improves to 2.9x (2011 year-end: 3.1x).
* Expect to approach target of 2.5x by year-end.
* Healthcare Analytics disposal completed in May as part of pharma divestiture
program.
* ?100 million share buy-back completed on July 9; program will be expanded by
up to ?35 million under new policy to offset dilution from stock dividend
and performance shares.
Nancy McKinstry, CEO and Chairman of the Executive Board, commented:
"Our performance is on track, despite challenging macro-economic conditions in
Europe. Improved momentum in North America and growth in our online, software
and services products globally have helped deliver positive organic growth for
the group in the first half. We continue investments in product innovation and
geographic expansion while actively pursuing operating efficiencies. We remain
confident we will deliver on our full-year guidance."
Key Figures 2012 Half-Year
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Six months ended June 30
(? millions unless otherwise indicated) 2012 2011 D D CC D OG
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Business performance - benchmark figures
Revenue 1,739 1,619 +7% +3% +1%
Ordinary EBITA 346 325 +7% +1% -2%
Ordinary EBITA margin (%) 19.9% 20.1%
Ordinary net income 204 196 +4% 0%
Diluted ordinary EPS (?) 0.68 0.65 +5% +1%
Ordinary free cash flow 142 131 +9% +1%
Net debt 2,258 2,194 +3%
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IFRS results(1)
Revenue 1,739 1,619 +7%
Operating profit 253 203 +25%
Profit for the period(2) 124 9 nm
Diluted EPS (?)(2) 0.42 0.03 nm
Net cash from operating activities 192 162 +19%
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D - % Change; D CC - % Change constant currencies (EUR/USD 1.39); D OG - %
Organic growth; nm - not meaningful. Benchmark and IFRS figures are for
continuing operations unless otherwise noted. Benchmark figures are performance
measures used by management. See Note 2 of the Interim Financial Report for a
reconcilation from IFRS to benchmark figures.
(1)) International Financial Reporting Standards as adopted by the European
Union.
(2) )Includes discontinued operations.
Full-Year 2012 Outlook
We remain confident we will deliver on our full-year guidance. The ordinary
EBITA margin is expected to improve slightly in the second half, despite
investment and cost inflation, as a result of the ongoing mix shift towards
electronic solutions and the gradual build up of Springboard cost savings
towards the targetted ?205-?210 million run rate (full-year 2011: ?191 million).
The table below provides our outlook for the continuing operations for 2012.
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Performance indicators 2012 Guidance
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Ordinary EBITA margin 21.5-22.5%
Ordinary free cash flow(1) >= ?425 million
Return on invested capital >= 8%
Diluted ordinary EPS(1) Low single-digit growth(2)
-------------------------------------------------------------------------------
(1)) In constant currencies (EUR/USD 1.39)
(2)) Includes effect of 2012 share buy-backs, stock
dividend and performance shares.
Guidance is based on constant exchange rates. Wolters Kluwer generates more than
half of its ordinary EBITA in North America. As a rule of thumb, based on our
2011 currency profile, a 1 U.S. cent move in the average EUR/USD exchange rate
for the year causes an opposite 0.8 euro-cent change in diluted ordinary EPS.
Net financing costs are expected to be approximately ?125 million in constant
currencies. The effective benchmark tax rate on ordinary income before tax is
expected to be approximately 27.5% in 2012 due to an increasing proportion of
profits in higher tax regions.
In Legal & Regulatory, we expect European markets to remain challenging in the
second half. Our North American business is positioned for growth. Cost savings
continue to build throughout the year which should help support margins. The
second half will see the effect of two disposals of non-core publications in the
Netherlands, which together represented approximately 2% of divisional revenues
in 2011.
In Tax & Accounting, we expect organic growth to improve in the second half of
the year reflecting seasonal buying patterns. The second half margin is expected
to be broadly in line with the second half of 2011.
In Health, we expect continued strong demand for Clinical Solutions. Trends in
journal advertising markets are likely to remain weak. Margins should benefit
from the ongoing shift towards electronic solutions.
In Financial & Compliance Services, we expect good growth in Financial Services
and Audit, Risk & Compliance, but continued weakness in Transport Services.
The full press release on the 2012 Half-Year Results is available here: (PDF
version).
Wolters Kluwer 2012 Half-Year Results (PDF):
http://hugin.info/130682/R/1629121/521717.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Wolters Kluwer NV via Thomson Reuters ONE
[HUG#1629121]
Unternehmensinformation / Kurzprofil:
Datum: 25.07.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 168404
Anzahl Zeichen: 7644
contact information:
Town:
Alphen aan den Rijn
Kategorie:
Business News
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